Oil prices are on track to outperform analysts forecasts for the first time in a year. Brent crude advanced above $38 a barrel earlier this month, climbing past the median forecast for the second quarter and closing at a five-month high of $48.14 on Thursday. The global benchmark has surged more than 70 percent since slumping in January to the lowest in more than 12 years amid production outages and a decline in U.S. output.

Watch Next: Here's Why This Is Only the Fourth Time Oil Has Tanked

Here's Why This Is Only the Fourth Time Oil Has Tanked
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